Posted: Thu Dec 11, 2008 5:21 pm
I hate Congress.
RIP Gordon
https://www.dtman.com/phpBB3dtman/
"We cannot, without the grossest corruption, appropriate this money as the payment of a debt. We have not the semblance of authority to appropriate it as a charity. Mr. Speaker, I have said we have the right to give as much money of our own as we please. I am the poorest man on this floor. I cannot vote for this bill, but I will give one week's pay to the object, and if every member of Congress will do the same, it will amount to more than the bill asks."
Senators voted down a bill to rescue of Detroit automakers after a last-ditch attempt to renegotiate the deal died.
The bill failed in the Senate by a 52-35 vote, despite it's earlier passage in the House of Representatives and its endorsement by the White House.
The proposal to loan $14 billion to Detroit's struggling automakers collapsed late Thursday night but the Big Three may get some money anyway.
Bush officials warned wavering GOP senators that if they didn't support the legislation, the White House will likely be forced to tap the Wall Street bailout to lend them money, two Republican congressional officials told CNN earlier.
This is a noteworthy change since the White House and Treasury Secretary Henry Paulson have previously refused to use bank bailout funds to help General Motors (GM, Fortune 500), Ford Motor (F, Fortune 500) and Chrysler LLC.
The sources asked not to be named because of the sensitivities of private conversations.
The White House negotiated a deal with Democrats to give Detroit a short term $14 billion loan with strings attached, including a so-called "car czar" charged with helping the companies draw up restructuring plans.
Most Senate Republicans opposed the plan as too weak in terms of focusing long-term viability for the U.S. auto industry.
As part of their full-court press to urge skeptical Republicans to back it, they made clear that if Congress didn't act, the White House would have to step in to save Detroit from collapse with funds from the $700 billion Troubled Asset Relief Program (TARP), according to the sources familiar with the conversations.
"I would only hope that the president, who has worked so well with us for the past several weeks, would now use consider using the TARP money," said Senate Majority Leader Harry Reid, D-Nev., after the vote.
One of the sources said the a White House official made clear to a GOP Senator that would be the worst option, because the loan could go to the auto companies with few or no requirements along with it.
Okay with me. Bail out the banks unconditionaly may as well bail out the automakers.TheCatt wrote:What a pile of bullshit.The proposal to loan $14 billion to Detroit's struggling automakers collapsed late Thursday night but the Big Three may get some money anyway.
Bush officials warned wavering GOP senators that if they didn't support the legislation, the White House will likely be forced to tap the Wall Street bailout to lend them money, two Republican congressional officials told CNN earlier.
This is a noteworthy change since the White House and Treasury Secretary Henry Paulson have previously refused to use bank bailout funds to help General Motors (GM, Fortune 500), Ford Motor (F, Fortune 500) and Chrysler LLC.
The sources asked not to be named because of the sensitivities of private conversations.
The White House negotiated a deal with Democrats to give Detroit a short term $14 billion loan with strings attached, including a so-called "car czar" charged with helping the companies draw up restructuring plans.
Most Senate Republicans opposed the plan as too weak in terms of focusing long-term viability for the U.S. auto industry.
As part of their full-court press to urge skeptical Republicans to back it, they made clear that if Congress didn't act, the White House would have to step in to save Detroit from collapse with funds from the $700 billion Troubled Asset Relief Program (TARP), according to the sources familiar with the conversations.
"I would only hope that the president, who has worked so well with us for the past several weeks, would now use consider using the TARP money," said Senate Majority Leader Harry Reid, D-Nev., after the vote.
One of the sources said the a White House official made clear to a GOP Senator that would be the worst option, because the loan could go to the auto companies with few or no requirements along with it.
Well my thinking is that alot of people think it just might be 3 million out. Are there any good signs saying no? Well my house payment might ride on it. To me it is a 3 million job gamble I don't know if I am willing to take. And I don't really care if the unions have to take a 40% pay cut to make them stay afloat. I want the execs to do the same. No the rich keep their money while joe working man takes the hit.TheCatt wrote:The financial crisis wasn't about bailing out the banks, it was about making sure we didnt end up in the Great Depression 2.0.
The auto companies have a chance to simply reorganize under bankruptcy protection. That's what it's for. There will be some pain, but it won't be 3 million jobs or whatever bullshit they've been claiming.
Now you're just saying absurd bullshit and claiming that is what we are saying when we aren't.unkbill wrote:...the CEOs will make sure the workers recieve fair pay...